Consider the following statements regarding the RBI's circular on resetting floating interest rates for EMI-based personal loans:

1. Interest rates must be reset at least once every three months for applicable loans.
2. Borrowers must be informed about changes in EMI/tenor due to interest rate resets during the loan tenure.
3. Urban Cooperative Banks (UCBs) are allowed a maximum 25-year loan tenor for housing loans under the new guidelines.

Which of the following options is correct?